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California: Entering Inflationary Depression

True California has it's problems but it is not alone.The State Pension plans are turning into omnivorous beasts which unlike many private pensions plans can not be covered by the, now broke but still liquid, Pension Benefit Guarantee Corp. of the Federal Government.

The PBGC can live, by selling capital and then on freshly printed money but can the States meet future generous contracts to their employees? Not without hideous and publicly unacceptable new taxes.

California has a responsible outfit in CALPERS but even here the State Comptroller see it as a huge problem down the road. Most other states do not have well managed pension plans. New York's system is a disaster and who has done an honest review of the rest .

As has been said no one makes it out alive.